Capital Business Credit Appoints Former Cit Executive Marc Adelson As President And Chief Executive Officer
February 23, 2011
Andrew Tananbaum Promoted to Executive Chairman
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CBC to Offer Middle Market Companies
Global Integrated Financial Products and Services
NEW YORK – February 23, 2010 – Capital Business Credit LLC (CBC) (www.capitalbusinesscredit.com) announced the appointment of Marc Adelson as president and chief executive officer. Andrew Tananbaum, the company’s current president and CEO, will assume the role of executive chairman.
As the new executive team at CBC, Adelson and Tananbaum will work together to expand CBC’s offerings to create a global integrated financial products and services company, focused on middle-market businesses. CBC will offer such companies the ability to secure asset-based financing which they may not be able to obtain through traditional financing sources or commercial banks.
Adelson, age 50, brings to CBC more than 30 years of corporate finance experience, with an emphasis on secured lending. He has developed a number of asset-based lending businesses for CIT Business Capital, from 2000 to 2009, including serving as co-president, growing assets to more than $7 billion. During his tenure at CIT, Adelson spent two years in London building the Company’s European corporate finance practice.
Prior to CIT he held positions at Heller Financial, as executive vice president and head of asset-based lending, as we well as at Citicorp and Security Pacific Business Credit. Most recently he led the financial restructuring practice at Getzler Henrich & Associates.
Commenting on the hiring of Adelson, Tananbaum said, “Over the past several months as the economy has begun to improve, CBC recognized that a void exists in the commercial finance industry for a company focused on the needs of the middle market. For decades, CBC has been known for its extensive experience in factoring and trade finance. With Marc on board, CBC is positioned to take advantage of the opportunity to expand its products and services and to provide middle-market companies with a comprehensive and integrated finance offering that does not exist today.”
Adelson said, “Having worked in corporate finance for decades, I decided to join CBC given its established platform that has been in place for years, as well as the opportunity to grow an organization that provides financial services tailored for the middle market. With a strong capital base, a stellar team of professionals and CBC’s existing infrastructure, we will move quickly to ensure that middle market companies can secure financing up to $20 million.”
Richard Perry, chief executive officer of Perry Capital and CBC board member said, “With Tananbaum and Adelson working together, CBC is positioned to seize a great market opportunity. This management team will offer middle-market companies creative financing solutions that traditional sources are not providing.”
Adelson has a Bachelor of Science degree in accounting from Brooklyn College, CUNY. He is a member of the Commercial Finance Association, American Bankruptcy Institute and the Turnaround Management Association.
About Capital Business Credit
Established in 1988, Capital Business Credit LLC (www.capitalbusinesscredit.com) is a commercial finance company specializing in providing creative supply chain financing solutions. The Company’s service offerings include: full-service factoring; accounts receivable management services; inventory lending; asset-based lending; and international financing. CBC Trade Finance, a division of CBC, provides trade finance solutions for U.S.-based importers working with Asia-based suppliers (exporters). Capital Business Credit is based in New York, with offices in Hong Kong; Shanghai, Los Angeles; Charlotte, NC; and Ft. Lauderdale, Fla.
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